On Monday, Tisco Securities expects the Thai market to receive negative sentiment from U.S. bombing of Iran, escalating tensions in the Middle East, which raises crude prices. Furthermore, Thai energy stocks are anticipated to be slightly impacted by Cambodia banning the imports of Thai oil and gas.
Domestically, Thailand’s governing coalition came under pressure after the senate filed a petition, demanding the Prime Minister’s resignation, to the Constitutional Court of Thailand. Additionally, protestors are preparing a demonstration to pressure the Prime Minister as well.
The securities firm recommended investors to closely monitor June’s PMI report, and the major powers (such as Russia and China) responses to the U.S. attack on Iran, as well as the cabinet reshuffling, after the Bhumjaithai Party withdrew from the coalition.
The firm set a resistance level for the SET Index at 1,080 – 1,090 points and a support level at 1,050 – 1,060 points.
Last Friday, Thailand’s SET Index closed at 1,067.63 points, decreased 1.10 points or 0.10% with a trading value of THB 49.57 billion.
